Alice Schroeder’s The Snowball: Warren Buffett and the Business of Life might well be one of the most important books you will ever read -- particularly in a period when the world's various economies appear to be entering freefall. This arm-straining (at nearly a thousand pages) but utterly fascinating book has already -- against all the odds -- achieved an astonishing level of success, given its initially daunting appearance. But it will only take a chapter or so for most readers to see just why this book is enjoying such an unprecedented level of acclaim.

The subject is the life and career of one of the most revered men in the western hemisphere, Warren Buffett (an advisor to new US President Barack Obama) – despite the fact that his name may not be known to most of the general public. Buffett’s story is one that currently has resonances for all of us: a remarkable financial success story. The name of this investor from Omaha is spoken of with admiration by all who know him, despite the fact that he has never written a book on his career or the secrets of his business success. However, he has been persuaded to allow Alice Schroeder to spend time with him and those with whom he works to investigate his business triumphs, his opinions, his mistakes (Buffett is rather winning in admitting to several of the latter – how common is that in his profession?) -- and what emerges is a totally comprehensive biography of the man known throughout the world as ‘The Oracle of Omaha’.

What is most revealing about the picture of the man that emerges from these pages (and Schroeder had access not just to her subject and his business associates but also his wife, children and friends) is that we meet a man of intellect – of course – but also of humanity and understanding, with a philosphy and worldview that is both judicious and principled. In an era in which those in Buffet’s profession are more prone to excoriation than praise, the man we encounter here has a sane and clear-eyed philosophy of life and an attitude to business success that is generously instructive -- and inspiring. --Barry Forshaw

To a great extent, his life has been business...and business has been his life, 17 Nov 2008

I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.

The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included.

Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man."

I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood.

There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him.

To me, Alice Schroeder's rigorous and eloquent analysis of this theme of mutually productive and beneficial collaboration is her single greatest achievement among many in this definitive biography of one of the most important and yet least understood business leaders in recent years. Bravo!

No silver bullet, 16 Nov 2008
Understanding Buffett has become a modern Holy Grail, the pot of gold at the end of a seventy eight year rainbow. How does he do it? How can ordinary people even come close? Having met him first in 2001, Alice Schroeder was first allowed in to the inner sanctum, then granted unfettered access to the man himself "You'll do a better job than I would, Alice. I'm glad you're writing this book, not me". He adds "Whenever my version is different from somebody else's, use the less flattering version".

Five years, 960 pages, 62 chapters, 90 pages of notes, 32 pages of photos, 23 pages of index later, Schroeder has brought us The Snowball, Warren Buffett and the Business of Life. Berkshire Hathaway put on over $50 billion of market capitalisation whilst she was writing it. That's over $50 million for each page. No wonder Buffett was happy to entrust the book to Schroeder. Writing books doesn't usually add value that fast.

Schroeder demonstrates that, after all this detailed research, much from the man himself and other primary sources, there is no silver bullet. This may disappoint critiques of other works on Buffett who seemed to be seeking one and were rather hoping that the official biography would, at last, provide it. Rather, what emerges is a combination of old fashioned focus, discipline, common sense, the ability to get with people, to push them just beyond their comfort zone but keep them onside, to drive hard bargains but still remain popular, to calculate business risks and probabilities with consummate ease, accuracy and success, and to continue to seek great businesses at affordable prices. A complex approach from a deeply complex, old-fashioned yet fully at ease in the moment, extremely well-connected and quite remarkable man who has defied the odds and, in the process, conclusively disproved and outlived the Efficient Markets Hypothesis.

Having read The Snowball, the Shareholder Letters and a number of other books on Buffett, the author of this review is still left wondering how he really managed it. There is plenty of inspiration in The Snowball for would-be investors. Many mistakes are also profiled - and the lessons to be learned from them. The book was worth the wait, but don't expect it to reveal all the answers. Otherwise we would all be billionaires.


Remarkably detailed biography of Buffett, 14 Nov 2008
Warren Buffett is "everyman" as multibillionaire. Despite his vast wealth, he has always eschewed ostentation. He pays himself about $100,000 annually, which in today's U.S. economy places him in the upper-middle-class. He lives in the same simple Omaha, Nebraska, house that he bought in 1958 for $31,500. He prefers an old gray suit to expensive London tailoring. In Buffett's early days, when he was only a multimillionaire and not a multibillionaire, he walked around with holes in the soles of his shoes. To Buffett, wardrobe doesn't matter; what matters is making money. He is better at this pursuit than anyone else in the world. In 2008, Forbes magazine ranked him as the globe's richest man, with a net worth of $62.3 billion. Author Alice Schroeder does a masterful job of chronicling Buffett's improbable, inspiring life. As a former superstar research analyst, Schroeder uses her expert knowledge of finance and commerce to detail Buffett's investment philosophy and business activities. getAbstract praises Schroeder's remarkable skills as a researcher and writer. Her book is packed with fascinating details and trenchant observations about the "Oracle of Omaha." One of the best business biographies available, this book shows how the world's greatest investor amassed the world's greatest fortune, while staying true to his essential self.

WOW, 12 Nov 2008
Was completely blown away by this book. I was always going to be interested in the business side of this book, but it was the personal side that really suprised me. A really well written piece. A truly amazing story about a life well spent!!

best insight into buffetts life so far, 18 Oct 2008
This is the best insight into the sages life that you will probably ever get. I think i have read every book written about buffett so far. This one tells you more about what makes up this truely amazing value investor.

Its a long read but worth every bit. I think alice schroeder has done an excellent job.

To a great extent, his life has been business...and business has been his life, 17 Nov 2008

I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.

The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included.

Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man."

I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood.

There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him.

To me, Alice Schroeder's rigorous and eloquent analysis of this theme of mutually productive and beneficial collaboration is her single greatest achievement among many in this definitive biography of one of the most important and yet least understood business leaders in recent years. Bravo!

No silver bullet, 16 Nov 2008
Understanding Buffett has become a modern Holy Grail, the pot of gold at the end of a seventy eight year rainbow. How does he do it? How can ordinary people even come close? Having met him first in 2001, Alice Schroeder was first allowed in to the inner sanctum, then granted unfettered access to the man himself "You'll do a better job than I would, Alice. I'm glad you're writing this book, not me". He adds "Whenever my version is different from somebody else's, use the less flattering version".

Five years, 960 pages, 62 chapters, 90 pages of notes, 32 pages of photos, 23 pages of index later, Schroeder has brought us The Snowball, Warren Buffett and the Business of Life. Berkshire Hathaway put on over $50 billion of market capitalisation whilst she was writing it. That's over $50 million for each page. No wonder Buffett was happy to entrust the book to Schroeder. Writing books doesn't usually add value that fast.

Schroeder demonstrates that, after all this detailed research, much from the man himself and other primary sources, there is no silver bullet. This may disappoint critiques of other works on Buffett who seemed to be seeking one and were rather hoping that the official biography would, at last, provide it. Rather, what emerges is a combination of old fashioned focus, discipline, common sense, the ability to get with people, to push them just beyond their comfort zone but keep them onside, to drive hard bargains but still remain popular, to calculate business risks and probabilities with consummate ease, accuracy and success, and to continue to seek great businesses at affordable prices. A complex approach from a deeply complex, old-fashioned yet fully at ease in the moment, extremely well-connected and quite remarkable man who has defied the odds and, in the process, conclusively disproved and outlived the Efficient Markets Hypothesis.

Having read The Snowball, the Shareholder Letters and a number of other books on Buffett, the author of this review is still left wondering how he really managed it. There is plenty of inspiration in The Snowball for would-be investors. Many mistakes are also profiled - and the lessons to be learned from them. The book was worth the wait, but don't expect it to reveal all the answers. Otherwise we would all be billionaires.


Remarkably detailed biography of Buffett, 14 Nov 2008
Warren Buffett is "everyman" as multibillionaire. Despite his vast wealth, he has always eschewed ostentation. He pays himself about $100,000 annually, which in today's U.S. economy places him in the upper-middle-class. He lives in the same simple Omaha, Nebraska, house that he bought in 1958 for $31,500. He prefers an old gray suit to expensive London tailoring. In Buffett's early days, when he was only a multimillionaire and not a multibillionaire, he walked around with holes in the soles of his shoes. To Buffett, wardrobe doesn't matter; what matters is making money. He is better at this pursuit than anyone else in the world. In 2008, Forbes magazine ranked him as the globe's richest man, with a net worth of $62.3 billion. Author Alice Schroeder does a masterful job of chronicling Buffett's improbable, inspiring life. As a former superstar research analyst, Schroeder uses her expert knowledge of finance and commerce to detail Buffett's investment philosophy and business activities. getAbstract praises Schroeder's remarkable skills as a researcher and writer. Her book is packed with fascinating details and trenchant observations about the "Oracle of Omaha." One of the best business biographies available, this book shows how the world's greatest investor amassed the world's greatest fortune, while staying true to his essential self.

WOW, 12 Nov 2008
Was completely blown away by this book. I was always going to be interested in the business side of this book, but it was the personal side that really suprised me. A really well written piece. A truly amazing story about a life well spent!!

best insight into buffetts life so far, 18 Oct 2008
This is the best insight into the sages life that you will probably ever get. I think i have read every book written about buffett so far. This one tells you more about what makes up this truely amazing value investor.

Its a long read but worth every bit. I think alice schroeder has done an excellent job.

Interesting insight, with broad appeal..., 26 Nov 2008
Although this book is marketed as a Business book, it has a much wider appeal. It offers some very interesting glimpses into how Richard Branson runs his companies, as well as some of the global issues that he believes in.

During the course of the book, he outlines how he first started in business, and how he grew Virgin Records from very little. He also gives insights into the mobile phone business, his airlines, and even space travel.

It's interesting to discover that Richard does not view `Virgin' as one large company, but rather as a brand.. each section runs as a separate business, with it's own team. Richard also believes strongly in a happy workforce, and those he employs often move amongst the various businesses, especially when they have specific skills to share.

As well as business, Richard is highly involved in health issues in Africa, and he's passionate about global warming. He believes that businesses have social responsibilities too, and the book outlines some of the ways he is trying to tackle these issues.

Even as someone not involved in business, I found the book easy to read, and interesting. Dotted throughout are points that Richard feels are important when running a business, be it large or small.. but many of these are also relevant for our day to day lives.

This is an interesting read, giving an insight into the business world, as well as Richard himself.

Good Business Training, 23 Nov 2008
Although I have not finished reading the book, i have thoroughly enjoyed the bit I have read. There is a lot to learn about business from this book and you should read it with a pencil or highlighter. No matter what size your business is you will learn something from it. Sorry for my short comments but I've got to get back to reading it.

Smoke and Mirrors, 23 Nov 2008
They say self praise is no recommendation but that lesson has been lost on Richard Branson. Buoyed by an overdeveloped sense of his own importance Branson emerged from the British establishment (public school, money, privilege and a host of top level contacts) using his undoubted talents for propaganda to raise questions about the efficacy of existing business models.

He did so in an irreverent manner but not without a strategy which he paints as being employee and customer orientated. However, Branson has often showed scant regard for separating myth from fact, hiding behind more spin than Alistair Campbell.

This was set out in Tom Bower's "Branson", much to the millionaire's chagrin. He sued Bower and lost !!! Bower versus Branson has become a landmark case in the right to prick the pomposity of the rich and famous with needles of truth.

When Virgin ventured into financial services Branson was featured prominently as being the person the public could trust. Yet Virgin's life assurance policies were specifically written for those age groups least likely to need them (over 55's need not apply), with less consumer choice and were more expensive than many of their competitors. Tracker funds haven't done that well either.

Similarly when the Sunday Times compared the true cost of flights between Atlantic carriers Virgin came out as the one which, in monetary terms, was the least favourable to customers. Airline Virgin Blue was found guilty of age discrimination against staff and disability discrimination against customers in cases in the Australian courts, neither of which appear in the book. Bower doesn't get a mention either.

It's a point Branson, pontificating that entrepreneurs have literally destroyed poverty in the western world, simply doesn't understand. The British Rail monopoly was bad enough but free market entrepreneurs priced working people off the trains and made it cheaper to travel from the provinces to London by air. Capitalism works - so why is the taxpayer bailing out the banking industry? Branson's response is to whinge about failing to buy Northern Rock, despite having the assistance of some top flight contacts.

Branson's picture of himself fighting the establishment is a myth. He simply represents one section of the establishment against another. The game is given away by the response to the One Account which was lapped up by the professional classes (the minimum mortgage of £50,000 was outside the range of ordinary mortals in those days) but excluded the bulk of the population. Branson is the boss of the bourgeoisie not the mentor of the masses.

Branson has always taken risks - his earliest one of avoiding tax by using illegal means still haunts him. In most cases the risk has been shared with willing partners shouldering the bulk of the financial burden. Branson sees himself as developing good business ideas under the Virgin brand. He's been aided by confronting inept business competitors; British Airways and BT spring to mind. Many Virgin businesses are quite small but, taken together, generate a lot of business. How many of them are profitable remains hidden in a maze of companies.

For Branson the name Virgin is synonymous with success, for many it means getting short changed by publicity. I read this book the week after Virgin Media announced the loss of 2000 jobs. Branson takes the view that Virgin gets up people's noses. This isn't true. What people dislike is not Virgin but Branson himself. Having put himself in the vanguard of spin he doesn't understand why people people react negatively when the spin is stripped away and the bare facts are known.

They don't like what they see, preferring a genuine smile to a silly grin. Branson is successful at much of what he does but he only tells that sanitised part of the story he wants readers to know about, never the truth, the whole truth and nothing but the truth. Read it but don't be fooled into believing it's true. It's smoke and mirrors at its best.


Kallokain reviews: Business Stripped Bare, 07 Nov 2008
Watch Video Here: http://www.amazon.co.uk/review/R34XCEWXTBLEZO Business Stripped Bare was refreshing, to say the least. A most enjoyable book. I hope the review shows why. I have included very brief chapter-by-chapter descriptions.

Nice to see someone actually doing what management experts have preached for decades. Also nice to see it work so well.

Virgin Optimism, 01 Nov 2008
Regardless of who you are - one thing you have to admit is that Richard Branson oozes charisma, energy and vitality. Even looking at the front cover of the book he is given an exotic yet accessible quality. But enough of this hero worship on my part - what are my thoughts on the contents of the book?

Branson does not claim to be an academic businessman. What comes across in this book is his ethos and belief in the power of entrepreneurship. He covers such themes as Leadership, Brand and Social Responsiblity.

The book has of number of strengths. Throughout he uses stories to illustrate his points. My particular favourites were his tales regarding BA, Coco Cola and his initial set up of Virgin Money. So Branson avoids the situation that other business books fall into - using big words and leaving the reader none the wiser to what they are actually talking about.

A second strength of this book is that Branson portrays business not as an entity detached from his or our everyday lives. If used properly and ethically - it can be a source of great change. I reckon Branson and Adam Smith would have gotten on like a house on fire.

A third strength is Branson's ideas about self empowerment. We may think of Virgin as a monster sized company - whereas in fact it is made up of lots of smaller companies (aside from Virgin Atlantic which Branson readily admits is big). Branson states that the smaller companies avoid the problem of stagnation and each employee can stay energised and involved. Staying with this small scale approach - Branson illustrates how it can be used to tackle such problems as climate change. Correctly he states that large scale solutions often become bogged down.

However the book does have one issue. Branson is much more engaging when talking about the individuals that makes up his company and his relationship with them. The sections where he talks about the high profile individuals such as Al Gore, Clinton and Mandela - tend to get bogged down and I found my attention drifting. I got it that he thinks these guys are great - I just didnt need to read about it for the next 10 pages. Bit rich coming from me since I have just read 328 pages about my hero Branson!

Overall - a great book and with great messages.

The best message being "the brave may not live forever - but the cautious do not live at all".

Love him or loathe him, you've got to admit it, Richard Branson has drive. And guts. And enough ambition to sink a battleship--or perhaps that should be a jumbo jet--or even a whole company of jumbos if the Virgin Atlantic/British Airways debacle (which takes up a huge chunk of this already huge tome) is anything to go by.

Branson's autobiography makes immensely fascinating reading. Whatever you think of Britain's most famous entrepreneur, the odds are that you will enjoy reading his autobiography. You may snort at descriptions of his "poor" childhood--spent eating bread and dripping while living in a house the majority of us visit on Bank Holidays and attending a "minor" public school. You may groan at memories of early initiative tests: how about being ejected from the family car and told by his mother to find his way home--at the age of four? You may flinch at accounts of his early business days as an unwashed, unshod, hippy magazine publisher living en famille with his staff in the crypt of a West London church. But, all in all, you'll get to understand where the guy's coming from--man.

And, like the man himself, there's no holds barred here. Richard bares his soul, from childhood, school days (cheating at exams), loves and losses (lost one wife when a spot of wife-swapping went drastically wrong--for him), death-defying adventures (yes, the balloons are all there), to the rise and rise of the Virgin empire. His interviews for Student magazine and the early days of Virgin Music read like a chronicle of popular music and culture in the late 20th century. Famous names bounce off every page. Prepare to be enthralled by the life and times of a walking publicity machine. --Carey Green

To a great extent, his life has been business...and business has been his life, 17 Nov 2008

I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.

The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included.

Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man."

I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood.

There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him.

To me, Alice Schroeder's rigorous and eloquent analysis of this theme of mutually productive and beneficial collaboration is her single greatest achievement among many in this definitive biography of one of the most important and yet least understood business leaders in recent years. Bravo!

No silver bullet, 16 Nov 2008
Understanding Buffett has become a modern Holy Grail, the pot of gold at the end of a seventy eight year rainbow. How does he do it? How can ordinary people even come close? Having met him first in 2001, Alice Schroeder was first allowed in to the inner sanctum, then granted unfettered access to the man himself "You'll do a better job than I would, Alice. I'm glad you're writing this book, not me". He adds "Whenever my version is different from somebody else's, use the less flattering version".

Five years, 960 pages, 62 chapters, 90 pages of notes, 32 pages of photos, 23 pages of index later, Schroeder has brought us The Snowball, Warren Buffett and the Business of Life. Berkshire Hathaway put on over $50 billion of market capitalisation whilst she was writing it. That's over $50 million for each page. No wonder Buffett was happy to entrust the book to Schroeder. Writing books doesn't usually add value that fast.

Schroeder demonstrates that, after all this detailed research, much from the man himself and other primary sources, there is no silver bullet. This may disappoint critiques of other works on Buffett who seemed to be seeking one and were rather hoping that the official biography would, at last, provide it. Rather, what emerges is a combination of old fashioned focus, discipline, common sense, the ability to get with people, to push them just beyond their comfort zone but keep them onside, to drive hard bargains but still remain popular, to calculate business risks and probabilities with consummate ease, accuracy and success, and to continue to seek great businesses at affordable prices. A complex approach from a deeply complex, old-fashioned yet fully at ease in the moment, extremely well-connected and quite remarkable man who has defied the odds and, in the process, conclusively disproved and outlived the Efficient Markets Hypothesis.

Having read The Snowball, the Shareholder Letters and a number of other books on Buffett, the author of this review is still left wondering how he really managed it. There is plenty of inspiration in The Snowball for would-be investors. Many mistakes are also profiled - and the lessons to be learned from them. The book was worth the wait, but don't expect it to reveal all the answers. Otherwise we would all be billionaires.


Remarkably detailed biography of Buffett, 14 Nov 2008
Warren Buffett is "everyman" as multibillionaire. Despite his vast wealth, he has always eschewed ostentation. He pays himself about $100,000 annually, which in today's U.S. economy places him in the upper-middle-class. He lives in the same simple Omaha, Nebraska, house that he bought in 1958 for $31,500. He prefers an old gray suit to expensive London tailoring. In Buffett's early days, when he was only a multimillionaire and not a multibillionaire, he walked around with holes in the soles of his shoes. To Buffett, wardrobe doesn't matter; what matters is making money. He is better at this pursuit than anyone else in the world. In 2008, Forbes magazine ranked him as the globe's richest man, with a net worth of $62.3 billion. Author Alice Schroeder does a masterful job of chronicling Buffett's improbable, inspiring life. As a former superstar research analyst, Schroeder uses her expert knowledge of finance and commerce to detail Buffett's investment philosophy and business activities. getAbstract praises Schroeder's remarkable skills as a researcher and writer. Her book is packed with fascinating details and trenchant observations about the "Oracle of Omaha." One of the best business biographies available, this book shows how the world's greatest investor amassed the world's greatest fortune, while staying true to his essential self.

WOW, 12 Nov 2008
Was completely blown away by this book. I was always going to be interested in the business side of this book, but it was the personal side that really suprised me. A really well written piece. A truly amazing story about a life well spent!!

best insight into buffetts life so far, 18 Oct 2008
This is the best insight into the sages life that you will probably ever get. I think i have read every book written about buffett so far. This one tells you more about what makes up this truely amazing value investor.

Its a long read but worth every bit. I think alice schroeder has done an excellent job.

Interesting insight, with broad appeal..., 26 Nov 2008
Although this book is marketed as a Business book, it has a much wider appeal. It offers some very interesting glimpses into how Richard Branson runs his companies, as well as some of the global issues that he believes in.

During the course of the book, he outlines how he first started in business, and how he grew Virgin Records from very little. He also gives insights into the mobile phone business, his airlines, and even space travel.

It's interesting to discover that Richard does not view `Virgin' as one large company, but rather as a brand.. each section runs as a separate business, with it's own team. Richard also believes strongly in a happy workforce, and those he employs often move amongst the various businesses, especially when they have specific skills to share.

As well as business, Richard is highly involved in health issues in Africa, and he's passionate about global warming. He believes that businesses have social responsibilities too, and the book outlines some of the ways he is trying to tackle these issues.

Even as someone not involved in business, I found the book easy to read, and interesting. Dotted throughout are points that Richard feels are important when running a business, be it large or small.. but many of these are also relevant for our day to day lives.

This is an interesting read, giving an insight into the business world, as well as Richard himself.

Good Business Training, 23 Nov 2008
Although I have not finished reading the book, i have thoroughly enjoyed the bit I have read. There is a lot to learn about business from this book and you should read it with a pencil or highlighter. No matter what size your business is you will learn something from it. Sorry for my short comments but I've got to get back to reading it.

Smoke and Mirrors, 23 Nov 2008
They say self praise is no recommendation but that lesson has been lost on Richard Branson. Buoyed by an overdeveloped sense of his own importance Branson emerged from the British establishment (public school, money, privilege and a host of top level contacts) using his undoubted talents for propaganda to raise questions about the efficacy of existing business models.

He did so in an irreverent manner but not without a strategy which he paints as being employee and customer orientated. However, Branson has often showed scant regard for separating myth from fact, hiding behind more spin than Alistair Campbell.

This was set out in Tom Bower's "Branson", much to the millionaire's chagrin. He sued Bower and lost !!! Bower versus Branson has become a landmark case in the right to prick the pomposity of the rich and famous with needles of truth.

When Virgin ventured into financial services Branson was featured prominently as being the person the public could trust. Yet Virgin's life assurance policies were specifically written for those age groups least likely to need them (over 55's need not apply), with less consumer choice and were more expensive than many of their competitors. Tracker funds haven't done that well either.

Similarly when the Sunday Times compared the true cost of flights between Atlantic carriers Virgin came out as the one which, in monetary terms, was the least favourable to customers. Airline Virgin Blue was found guilty of age discrimination against staff and disability discrimination against customers in cases in the Australian courts, neither of which appear in the book. Bower doesn't get a mention either.

It's a point Branson, pontificating that entrepreneurs have literally destroyed poverty in the western world, simply doesn't understand. The British Rail monopoly was bad enough but free market entrepreneurs priced working people off the trains and made it cheaper to travel from the provinces to London by air. Capitalism works - so why is the taxpayer bailing out the banking industry? Branson's response is to whinge about failing to buy Northern Rock, despite having the assistance of some top flight contacts.

Branson's picture of himself fighting the establishment is a myth. He simply represents one section of the establishment against another. The game is given away by the response to the One Account which was lapped up by the professional classes (the minimum mortgage of £50,000 was outside the range of ordinary mortals in those days) but excluded the bulk of the population. Branson is the boss of the bourgeoisie not the mentor of the masses.

Branson has always taken risks - his earliest one of avoiding tax by using illegal means still haunts him. In most cases the risk has been shared with willing partners shouldering the bulk of the financial burden. Branson sees himself as developing good business ideas under the Virgin brand. He's been aided by confronting inept business competitors; British Airways and BT spring to mind. Many Virgin businesses are quite small but, taken together, generate a lot of business. How many of them are profitable remains hidden in a maze of companies.

For Branson the name Virgin is synonymous with success, for many it means getting short changed by publicity. I read this book the week after Virgin Media announced the loss of 2000 jobs. Branson takes the view that Virgin gets up people's noses. This isn't true. What people dislike is not Virgin but Branson himself. Having put himself in the vanguard of spin he doesn't understand why people people react negatively when the spin is stripped away and the bare facts are known.

They don't like what they see, preferring a genuine smile to a silly grin. Branson is successful at much of what he does but he only tells that sanitised part of the story he wants readers to know about, never the truth, the whole truth and nothing but the truth. Read it but don't be fooled into believing it's true. It's smoke and mirrors at its best.


Kallokain reviews: Business Stripped Bare, 07 Nov 2008
Watch Video Here: http://www.amazon.co.uk/review/R34XCEWXTBLEZO Business Stripped Bare was refreshing, to say the least. A most enjoyable book. I hope the review shows why. I have included very brief chapter-by-chapter descriptions.

Nice to see someone actually doing what management experts have preached for decades. Also nice to see it work so well.

Virgin Optimism, 01 Nov 2008
Regardless of who you are - one thing you have to admit is that Richard Branson oozes charisma, energy and vitality. Even looking at the front cover of the book he is given an exotic yet accessible quality. But enough of this hero worship on my part - what are my thoughts on the contents of the book?

Branson does not claim to be an academic businessman. What comes across in this book is his ethos and belief in the power of entrepreneurship. He covers such themes as Leadership, Brand and Social Responsiblity.

The book has of number of strengths. Throughout he uses stories to illustrate his points. My particular favourites were his tales regarding BA, Coco Cola and his initial set up of Virgin Money. So Branson avoids the situation that other business books fall into - using big words and leaving the reader none the wiser to what they are actually talking about.

A second strength of this book is that Branson portrays business not as an entity detached from his or our everyday lives. If used properly and ethically - it can be a source of great change. I reckon Branson and Adam Smith would have gotten on like a house on fire.

A third strength is Branson's ideas about self empowerment. We may think of Virgin as a monster sized company - whereas in fact it is made up of lots of smaller companies (aside from Virgin Atlantic which Branson readily admits is big). Branson states that the smaller companies avoid the problem of stagnation and each employee can stay energised and involved. Staying with this small scale approach - Branson illustrates how it can be used to tackle such problems as climate change. Correctly he states that large scale solutions often become bogged down.

However the book does have one issue. Branson is much more engaging when talking about the individuals that makes up his company and his relationship with them. The sections where he talks about the high profile individuals such as Al Gore, Clinton and Mandela - tend to get bogged down and I found my attention drifting. I got it that he thinks these guys are great - I just didnt need to read about it for the next 10 pages. Bit rich coming from me since I have just read 328 pages about my hero Branson!

Overall - a great book and with great messages.

The best message being "the brave may not live forever - but the cautious do not live at all".

Best book I've read in a while, 15 Nov 2008
I bought this book whilst I was traveling in Asia and found mysef unable to put in down. The book goes right from his boarding school days right through to him setting up the world elders. Although the book leaves out no detail I thought that there would be more on his actual thoughs and feelings. However I would recomed this book to anyone it's full of adventure both in bussiness and Bransons record attemts. U cant read this book without loving his attitude and making u feel like there's something we all can do to change the world. A truly well written and unlifting book.

Very Exciting!, 09 Oct 2008
I got this book at an airport (seem to buy a lot of books in airports!) It was a brilliant read. I could not wait to pick the book up in between holiday stuff!
The only thing I found a little irritating was the fact that Richard Branson seems to write with a real self indulgance. It would be nice to read about his life in a bit more of an unbiased way. But hey who am I to critise a man who has made millions!!

Excellent, 02 Sep 2008
I loved this book. Branson is so honest throughout. He's an amzing person. I could not put the book down from start to finish!

Losing My Virginity: The Autobiography, 17 Jun 2008
Losing My Virginity: The Autobiography. This was gift, I kept putting it off before reading. Once I started I could not put it down. A great book, very well written and interesting. Its time for the updated version or book two.

Jewels of wisdom from Richard, I just craved more!, 03 May 2008
I'm glad I read this book, the chronology of it flows exceptionally and it's like finding a real gem of understanding reading his anecdotes and reactions to situations that come his way. The most interesting parts for me was understanding his business start-up and development (the first half I would say), this could sell the book on its own.

Problems: Ok, I'm not sure about everyone else's reasons, but the reasons why I chose to read this book in the first place was to understand how and why Mr Branson approaches business in the way he does and what EXACTLY his methodology and thought processes are/were. Perhaps it's curiosity, tips, self-evaluation, whatever. Anyway, all the other peripheral stuff like his ballooning trips (multiple and repetitive) and the social conscience he develops and promotes toward the end just really slow down the momentum of the book.

I guess I wanted consistent and unadulterated nitty gritty insight into the grey matter of a stupendously successful businessman but there were only snippets and cryptic clues throughout that verged on frustrating. But whatever, it's Richard: he and his philosophies are awesome and you should buy this book just to contribute to the Virgin Empire.

To a great extent, his life has been business...and business has been his life, 17 Nov 2008

I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.

The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included.

Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man."

I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood.

There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him.

To me, Alice Schroeder's rigorous and eloquent analysis of this theme of mutually productive and beneficial collaboration is her single greatest achievement among many in this definitive biography of one of the most important and yet least understood business leaders in recent years. Bravo!

No silver bullet, 16 Nov 2008
Understanding Buffett has become a modern Holy Grail, the pot of gold at the end of a seventy eight year rainbow. How does he do it? How can ordinary people even come close? Having met him first in 2001, Alice Schroeder was first allowed in to the inner sanctum, then granted unfettered access to the man himself "You'll do a better job than I would, Alice. I'm glad you're writing this book, not me". He adds "Whenever my version is different from somebody else's, use the less flattering version".

Five years, 960 pages, 62 chapters, 90 pages of notes, 32 pages of photos, 23 pages of index later, Schroeder has brought us The Snowball, Warren Buffett and the Business of Life. Berkshire Hathaway put on over $50 billion of market capitalisation whilst she was writing it. That's over $50 million for each page. No wonder Buffett was happy to entrust the book to Schroeder. Writing books doesn't usually add value that fast.

Schroeder demonstrates that, after all this detailed research, much from the man himself and other primary sources, there is no silver bullet. This may disappoint critiques of other works on Buffett who seemed to be seeking one and were rather hoping that the official biography would, at last, provide it. Rather, what emerges is a combination of old fashioned focus, discipline, common sense, the ability to get with people, to push them just beyond their comfort zone but keep them onside, to drive hard bargains but still remain popular, to calculate business risks and probabilities with consummate ease, accuracy and success, and to continue to seek great businesses at affordable prices. A complex approach from a deeply complex, old-fashioned yet fully at ease in the moment, extremely well-connected and quite remarkable man who has defied the odds and, in the process, conclusively disproved and outlived the Efficient Markets Hypothesis.

Having read The Snowball, the Shareholder Letters and a number of other books on Buffett, the author of this review is still left wondering how he really managed it. There is plenty of inspiration in The Snowball for would-be investors. Many mistakes are also profiled - and the lessons to be learned from them. The book was worth the wait, but don't expect it to reveal all the answers. Otherwise we would all be billionaires.


Remarkably detailed biography of Buffett, 14 Nov 2008
Warren Buffett is "everyman" as multibillionaire. Despite his vast wealth, he has always eschewed ostentation. He pays himself about $100,000 annually, which in today's U.S. economy places him in the upper-middle-class. He lives in the same simple Omaha, Nebraska, house that he bought in 1958 for $31,500. He prefers an old gray suit to expensive London tailoring. In Buffett's early days, when he was only a multimillionaire and not a multibillionaire, he walked around with holes in the soles of his shoes. To Buffett, wardrobe doesn't matter; what matters is making money. He is better at this pursuit than anyone else in the world. In 2008, Forbes magazine ranked him as the globe's richest man, with a net worth of $62.3 billion. Author Alice Schroeder does a masterful job of chronicling Buffett's improbable, inspiring life. As a former superstar research analyst, Schroeder uses her expert knowledge of finance and commerce to detail Buffett's investment philosophy and business activities. getAbstract praises Schroeder's remarkable skills as a researcher and writer. Her book is packed with fascinating details and trenchant observations about the "Oracle of Omaha." One of the best business biographies available, this book shows how the world's greatest investor amassed the world's greatest fortune, while staying true to his essential self.

WOW, 12 Nov 2008
Was completely blown away by this book. I was always going to be interested in the business side of this book, but it was the personal side that really suprised me. A really well written piece. A truly amazing story about a life well spent!!

best insight into buffetts life so far, 18 Oct 2008
This is the best insight into the sages life that you will probably ever get. I think i have read every book written about buffett so far. This one tells you more about what makes up this truely amazing value investor.

Its a long read but worth every bit. I think alice schroeder has done an excellent job.

Interesting insight, with broad appeal..., 26 Nov 2008
Although this book is marketed as a Business book, it has a much wider appeal. It offers some very interesting glimpses into how Richard Branson runs his companies, as well as some of the global issues that he believes in.

During the course of the book, he outlines how he first started in business, and how he grew Virgin Records from very little. He also gives insights into the mobile phone business, his airlines, and even space travel.

It's interesting to discover that Richard does not view `Virgin' as one large company, but rather as a brand.. each section runs as a separate business, with it's own team. Richard also believes strongly in a happy workforce, and those he employs often move amongst the various businesses, especially when they have specific skills to share.

As well as business, Richard is highly involved in health issues in Africa, and he's passionate about global warming. He believes that businesses have social responsibilities too, and the book outlines some of the ways he is trying to tackle these issues.

Even as someone not involved in business, I found the book easy to read, and interesting. Dotted throughout are points that Richard feels are important when running a business, be it large or small.. but many of these are also relevant for our day to day lives.

This is an interesting read, giving an insight into the business world, as well as Richard himself.

Good Business Training, 23 Nov 2008
Although I have not finished reading the book, i have thoroughly enjoyed the bit I have read. There is a lot to learn about business from this book and you should read it with a pencil or highlighter. No matter what size your business is you will learn something from it. Sorry for my short comments but I've got to get back to reading it.

Smoke and Mirrors, 23 Nov 2008
They say self praise is no recommendation but that lesson has been lost on Richard Branson. Buoyed by an overdeveloped sense of his own importance Branson emerged from the British establishment (public school, money, privilege and a host of top level contacts) using his undoubted talents for propaganda to raise questions about the efficacy of existing business models.

He did so in an irreverent manner but not without a strategy which he paints as being employee and customer orientated. However, Branson has often showed scant regard for separating myth from fact, hiding behind more spin than Alistair Campbell.

This was set out in Tom Bower's "Branson", much to the millionaire's chagrin. He sued Bower and lost !!! Bower versus Branson has become a landmark case in the right to prick the pomposity of the rich and famous with needles of truth.

When Virgin ventured into financial services Branson was featured prominently as being the person the public could trust. Yet Virgin's life assurance policies were specifically written for those age groups least likely to need them (over 55's need not apply), with less consumer choice and were more expensive than many of their competitors. Tracker funds haven't done that well either.

Similarly when the Sunday Times compared the true cost of flights between Atlantic carriers Virgin came out as the one which, in monetary terms, was the least favourable to customers. Airline Virgin Blue was found guilty of age discrimination against staff and disability discrimination against customers in cases in the Australian courts, neither of which appear in the book. Bower doesn't get a mention either.

It's a point Branson, pontificating that entrepreneurs have literally destroyed poverty in the western world, simply doesn't understand. The British Rail monopoly was bad enough but free market entrepreneurs priced working people off the trains and made it cheaper to travel from the provinces to London by air. Capitalism works - so why is the taxpayer bailing out the banking industry? Branson's response is to whinge about failing to buy Northern Rock, despite having the assistance of some top flight contacts.

Branson's picture of himself fighting the establishment is a myth. He simply represents one section of the establishment against another. The game is given away by the response to the One Account which was lapped up by the professional classes (the minimum mortgage of £50,000 was outside the range of ordinary mortals in those days) but excluded the bulk of the population. Branson is the boss of the bourgeoisie not the mentor of the masses.

Branson has always taken risks - his earliest one of avoiding tax by using illegal means still haunts him. In most cases the risk has been shared with willing partners shouldering the bulk of the financial burden. Branson sees himself as developing good business ideas under the Virgin brand. He's been aided by confronting inept business competitors; British Airways and BT spring to mind. Many Virgin businesses are quite small but, taken together, generate a lot of business. How many of them are profitable remains hidden in a maze of companies.

For Branson the name Virgin is synonymous with success, for many it means getting short changed by publicity. I read this book the week after Virgin Media announced the loss of 2000 jobs. Branson takes the view that Virgin gets up people's noses. This isn't true. What people dislike is not Virgin but Branson himself. Having put himself in the vanguard of spin he doesn't understand why people people react negatively when the spin is stripped away and the bare facts are known.

They don't like what they see, preferring a genuine smile to a silly grin. Branson is successful at much of what he does but he only tells that sanitised part of the story he wants readers to know about, never the truth, the whole truth and nothing but the truth. Read it but don't be fooled into believing it's true. It's smoke and mirrors at its best.


Kallokain reviews: Business Stripped Bare, 07 Nov 2008
Watch Video Here: http://www.amazon.co.uk/review/R34XCEWXTBLEZO Business Stripped Bare was refreshing, to say the least. A most enjoyable book. I hope the review shows why. I have included very brief chapter-by-chapter descriptions.

Nice to see someone actually doing what management experts have preached for decades. Also nice to see it work so well.

Virgin Optimism, 01 Nov 2008
Regardless of who you are - one thing you have to admit is that Richard Branson oozes charisma, energy and vitality. Even looking at the front cover of the book he is given an exotic yet accessible quality. But enough of this hero worship on my part - what are my thoughts on the contents of the book?

Branson does not claim to be an academic businessman. What comes across in this book is his ethos and belief in the power of entrepreneurship. He covers such themes as Leadership, Brand and Social Responsiblity.

The book has of number of strengths. Throughout he uses stories to illustrate his points. My particular favourites were his tales regarding BA, Coco Cola and his initial set up of Virgin Money. So Branson avoids the situation that other business books fall into - using big words and leaving the reader none the wiser to what they are actually talking about.

A second strength of this book is that Branson portrays business not as an entity detached from his or our everyday lives. If used properly and ethically - it can be a source of great change. I reckon Branson and Adam Smith would have gotten on like a house on fire.

A third strength is Branson's ideas about self empowerment. We may think of Virgin as a monster sized company - whereas in fact it is made up of lots of smaller companies (aside from Virgin Atlantic which Branson readily admits is big). Branson states that the smaller companies avoid the problem of stagnation and each employee can stay energised and involved. Staying with this small scale approach - Branson illustrates how it can be used to tackle such problems as climate change. Correctly he states that large scale solutions often become bogged down.

However the book does have one issue. Branson is much more engaging when talking about the individuals that makes up his company and his relationship with them. The sections where he talks about the high profile individuals such as Al Gore, Clinton and Mandela - tend to get bogged down and I found my attention drifting. I got it that he thinks these guys are great - I just didnt need to read about it for the next 10 pages. Bit rich coming from me since I have just read 328 pages about my hero Branson!

Overall - a great book and with great messages.

The best message being "the brave may not live forever - but the cautious do not live at all".

Best book I've read in a while, 15 Nov 2008
I bought this book whilst I was traveling in Asia and found mysef unable to put in down. The book goes right from his boarding school days right through to him setting up the world elders. Although the book leaves out no detail I thought that there would be more on his actual thoughs and feelings. However I would recomed this book to anyone it's full of adventure both in bussiness and Bransons record attemts. U cant read this book without loving his attitude and making u feel like there's something we all can do to change the world. A truly well written and unlifting book.

Very Exciting!, 09 Oct 2008
I got this book at an airport (seem to buy a lot of books in airports!) It was a brilliant read. I could not wait to pick the book up in between holiday stuff!
The only thing I found a little irritating was the fact that Richard Branson seems to write with a real self indulgance. It would be nice to read about his life in a bit more of an unbiased way. But hey who am I to critise a man who has made millions!!

Excellent, 02 Sep 2008
I loved this book. Branson is so honest throughout. He's an amzing person. I could not put the book down from start to finish!

Losing My Virginity: The Autobiography, 17 Jun 2008
Losing My Virginity: The Autobiography. This was gift, I kept putting it off before reading. Once I started I could not put it down. A great book, very well written and interesting. Its time for the updated version or book two.

Jewels of wisdom from Richard, I just craved more!, 03 May 2008
I'm glad I read this book, the chronology of it flows exceptionally and it's like finding a real gem of understanding reading his anecdotes and reactions to situations that come his way. The most interesting parts for me was understanding his business start-up and development (the first half I would say), this could sell the book on its own.

Problems: Ok, I'm not sure about everyone else's reasons, but the reasons why I chose to read this book in the first place was to understand how and why Mr Branson approaches business in the way he does and what EXACTLY his methodology and thought processes are/were. Perhaps it's curiosity, tips, self-evaluation, whatever. Anyway, all the other peripheral stuff like his ballooning trips (multiple and repetitive) and the social conscience he develops and promotes toward the end just really slow down the momentum of the book.

I guess I wanted consistent and unadulterated nitty gritty insight into the grey matter of a stupendously successful businessman but there were only snippets and cryptic clues throughout that verged on frustrating. But whatever, it's Richard: he and his philosophies are awesome and you should buy this book just to contribute to the Virgin Empire.

What Mr Broughton should have thought about earlier?, 15 Oct 2008
I believe that this is an interesting read for anybody who is considering an MBA at Harvard Business School and where Mr Broughton describes the teaching and details of the MBA the book is informative and useful.

The main problem I had with the book is the complete lack of Mr Broughton's understanding of his own situation. If you are a journalist and work at the Paris office of a UK newspaper you are definitely on the right career track and the decision to try out something else might be understandable but if you choose Harvard Business School you must be very naive to wait for the professor or tutor to tell you that the most important thing in the world should be your family and a reasonable work-life balance. That is comparable to a legal trainee to go to one of the City law firms and expect a nine to five working day or to a yogi to wait for somebody to say after the class "Who is a up for a quick one then?".

If Mr Broughton wanted to know more about business administration a course at any uni should have done the trick. I believe that he chose to go to Harvard because he was flattered to be accepted. However, it seems clear to me that he was accepted because of his journalistic background which gave Harvard the opportunity to boast about the variety of people who are interested in attending. It is really sad when Mr Broughton describes how he cannot find a job or is not willing to go all the way. It seems to be some sort of midlife crisis and I pity his wife a bit to have wasted well in excess of USD 100,000 for the 2 years of "finding himself" but at least they were able to spend some time with their kids together.

The editor of the book must have been fast asleep or maybe Mr Broughton was not listening but for the last 50 pages one is waiting for the happy end which never comes. It is not really an achievement to get an MBA from Harvard Business School and then to be unable to get a job.

The pinnacle of ignorance is when Mr Broughton decides to right a novel during his 10 weeks vacation between year 1 and year 2. At this stage it should have been clear to him that we was just wasting his time.

Obviously this book is very topical given that Hank Paulson and George W. Bush both went to Harvard Business School. The book is also quite chilling when it talks about people applying to Lehman Brothers.

Maybe Mr Broughton should edit the book and re-publish with the hindsight of the credit crunch minus his personal waterloo.

A Journalist's Take on Harvard Business School's MBA Program, 22 Sep 2008

Philip Delves Broughton was on top of the journalism world as the Paris bureau chief for The Daily Telegraph of London when he got itchy feet and decided he wanted to go to business school. Setting his sights on Harvard, he was pleased to get in.

I attended Harvard Business School while in law school many years ago. I was surprised to find out how many things are similar to when I attended. The student complaints were similar, too.

I thought that Mr. Broughton did an excellent job of explaining what the case system is all about and what occurs in preparing for and during a class. If you've always wanted to go to HBS, here's a chance to take a peek.

The book's strength is in exposing the values behind HBS, people seeking the highest-paying jobs despite the personal cost to family life and one's own soul. Mr. Broughton made some half-hearted attempts to seek out such opportunities, but ended his two years at Harvard with a large loan to show for the experience . . . and no job.

The book's weakness comes in Mr. Broughton's desire to teach you some of the basic concepts about business management. I doubt if you are interested. He doesn't always get it right, either.

I found myself comparing What They Teach You at Harvard Business School to One L, Scott Turow's brilliant description of the bad old days of being a first-year law student at Harvard. One L is a better book. But both are powerful in explaining what it feels like to be a student in the middle of the gigantic forces moving to shape you like a vise into a new form that will be attractive to employers.


A fly-on-the-wall view of American's most prestigious business school, 11 Sep 2008
Speaking as someone who is moving from academia to business, and from the UK to Boston, Philip Broughton's book about his experience as an English journalist also moving out to Boston for the MBA resonated very strongly with me. A cultural outsider by virtue of his background, culture, and has he suggests several times, his age (32 vs average of 27 at HBS), this book gives the kind of insight that a prospectus never could. Compressing two years of education into a paperback is quite a tall order, so Broughton gives a flavour of each of the modules he took there, from financial models to ethics and corporate strategy, as well as touching briefly upon the typical case studies he encountered there.

Where this book was at its most interesting for me were in some of the the narrow-minded, self-serving, and even dangerous beliefs of his fellow peers, who have little time for ethical considerations and firmly believe that a free-market business rationale should be applied to all spheres of life, regardless of little externalities like corporate responsibility. I also particularly enjoyed Broughton's almost comical experiences with the "milk round" recruitment circuit, with students all repeating the same rote-learnt mantras to get through rounds of interview. The author, being typically British about it, tries to be honest and open, and doesn't get invited back.

Where I do reserve some judgement, though, is the fact that if I had been in his class, I'd feel a little like the author hadn't fully committed to the process. He came to HBS ostensibly to get away from journalism, and two years later here he is publishing books, hardly a massive change in direction for two years and some £90k in forgone earnings and fees. Of course, this seems to be quite typical for HBS grads; all the bankers, consultants, and hedge-fund managers who came for a career-changing experience all obediently trotted right back to where they'd come from once the mortgage needed paying.

All in all this is an entertaining and engaging read if you have even a remote interest in business, the MBA, or Harvard Business School. Maybe it'll teach you that HBS isn't for you, maybe it'll have you submitting an application when you didn't think you were interested at all. Maybe now I should read "What they DON'T teach you at HBS" just to be thorough!

Doesn't know what it want's to be, 05 Sep 2008
[This review is actually for the US version of the book Ahead of the Curve: Two Years at Harvard Business School, but since this is the main UK version I thought I'd post here instead.

Firstly, I'm a recent HBS graduate, and like Mr Delves-Broughton, I was also from the UK, though I had more of a traditional business background before attending. This book has been gaining quite a lot of interest from the HBS community with various debates as to how fair a representation it is.

My major criticism is that the book really doesn't know what it wants to be. Is it a description of the day-to-day experience of HBS?, Is it a commentary on American Capitalism and the HBS adminstration? Is it the author's own introspective look at his own life and what he ultimately wants to be? It is in fact of all of these things, but due to lack of consistency in the writing style it ends up feeling quite disjointed and a difficult read as it switches at random from excruciating detail about particular classes to broad ruminations about the author's overall view.

As for the content, everything that's mentioned in the book are fair criticisms of the school. Every single point that is raised is based solidly in fact and the HBS administration would do well to pay heed to many of the observations. In fact the back cover of the US edition, highlights a particular bug-bear of mine, the gaming of the financial aid system by many HBS students who benefit despite having huge financial resources - and these are the same students who debate from the moral high ground in a class about ethics! However, in his haste to highlight these failings of the school I feel that the author is really missing the big picture. As you read you can't help but feel that he decided that he would never fit in before he went to HBS and has written a book that picks out all the bad elements of the school to justify his position.

During my time at HBS I found all the things that the author mentions equally frustrating but they were far out-weighted by the school's positives. The outstanding quality of its faculty, the supberb facilties, my fellow students who were not only academically bright but incredibly active in a huge range of activities (setting up businesses, running charity campaigns etc..) all made it a very rewarding place to spend two years. Sure, there was plenty of idiots who get caught up in the rush to banking or consulting or are ultra-competitive and lacking in social skills, but nobody's perfect and if you let other people ruin your day then you're the idiot.

Overall I'm wavering between 3 and 4 stars. 3 stars because its not that well written and the author seems to never want to be part of it (you can't help the feeling that he always intended to write a book), 4 stars because if you've ever wondered what its like to go HBS its a reasonable expose. Just read it with a pinch of salt.

Takes you inside a top MBA, 01 Sep 2008
Having just finished an MBA myself from London Business School, I saw this book at Heathrow on my way out of the UK and bought it with curiosity. I wanted to see whether my experience at London Business School would have been significantly different from that at a top American school; Harvard, of course, as far as MBA brands go, being number one in my opinion regardless of what competitors or any rankings say.

This book can be recommended to those interested in applying to Harvard or a comparable top MBA program to see if they have the right expectations of an MBA program; as well as to graduates of other programs to see how the experience at their schools compare against the holy grail of MBAs. It really goes inside what the MBA culture is about in general, especially at elitist schools, and at Harvard in particular. Broughton is not the only MBA who feels like this. The unreal world, the pressures, the tendency to go with the herd... despite having studied at a school across the atlantic, I continuously kept on smiling at the commonalities.

I disagree with the notion that this book disses the school, or the MBA in general. It just points out very well some of the absurdities of the program for all those who are not financial crackheads.

To a great extent, his life has been business...and business has been his life, 17 Nov 2008

I recently re-read Roger Lowenstein's biography, Buffett: The Making of an American Capitalist (first published in 1995 and now re-issued with a new Afterword), and then read this more recent one by Alice Schroeder. Both are first-rate. Which to select if reading only one? That depends on how much you wish to know about Buffett's personal life, including his relations with various family members, and how curious you are about his personal hang-ups, peculiarities, eccentricities, fetishes, etc. If you can do without any of that, Roger Lowenstein's biography is the one to read. I also highly recommend the recently published Second Edition of The Essays of Warren Buffet: Lessons for Corporate America, with content selected, arranged, and introduced by Lawrence Cunningham.

The heft of Schroeder's biography may discourage some people from obtaining a copy. To them I presume to suggest that they not be deterred by that factor. Schroeder has a lively, often entertaining writing style that drives the narrative through just about every period and (yes) interlude of Warren Buffett's life and career thus far. There is much more information provided than most readers either need or desire. However, she had unprecedented access not only to Buffett but to just about everyone else with whom he is (or once was) associated as well as to previously inaccessible research resources. It is possible but highly unlikely that anyone else will write a more comprehensive biography than Schroeder has, at least for the next several years, if not decades. Also, her opinion of Buffett seems to me to be balanced and circumspect. No doubt he wishes that certain details about his life and career were not included. However, there has been no indication from him or those authorized to represent him that any of the material in this biography (however unflattering) is either inaccurate or unfair. Both halos and warts are included.

Others have shared their reasons for holding this book in high regard. Here are two of mine. First, although I had already read various Buffett's chairman's letters that first appeared in a series of Berkshire Hathaway's annual reports, I did not understand (nor could I have understood) the context for observations he shared, especially his comments about especially important 12-month periods throughout BRK's history. Schroeder provides the context or frame-of-reference I needed but previously lacked. For example, whereas in previous letters, Buffett merely offered brief updates on how each BRK company was doing, in 1978 he began to share his thoughts about major business topics such as performance measurement for management and why short-term earnings were a poor criterion for investment decisions. With the help of Carol Loomis, especially since 1977, his chairman's letters "had grown more personal and entertaining by the year; they amounted to crash courses in business, written in clear language that ranged from biblical quotations to references to Alice in Wonderland, and princesses kissing toads." As Schroeder explains, these gradual but significant changes of subject and tone reflect changes in Buffett's personal life as he became more reflective about business principles and more appreciative of personal relationships. His children were growing up and departing the "nest" in Omaha. His wife Susie decided to relocate to San Francisco. Meanwhile, his personal net worth continued to increase substantially. His national and then international recognition also increased. The "Oracle of Omaha" had finally become sufficiently confident of himself to reveal to others "a sense of him as a man."

I also appreciate how carefully Schroeder develops several separate but related themes that help her reader to manage the wealth of information she provides. The biography's title suggests one of these themes: the "snowball" effect that compounded interest can have. From childhood when he began to sell packs of gum (but not single sticks) and bottles of soda, and a money changer was his favorite toy, Buffett was fascinated by the way that numbers "exploded as they grew at a constant rate over time was how a small sum could be turned into a fortune. He could picture the numbers compounding as vividly as the way a snowball grew when he rolled it across the lawn. Warren began to think about it a different way. Compounding married the present to the future. If a dollar today was going to be worth ten some years from now, then in his mind the two were the same." Early in life, Buffett avoided making any purchases unless they were almost certain to generate compound interest. This theme is central to understanding Buffett's investment principles and to his own leadership of BRK. It also helps to explain why he could become physically ill when an investment cost others the funds they had entrusted to his care. Other themes include his determination to simplify his life to the extent he could (e.g. eating hamburgers and wearing threadbare sweaters, minimizing participation in family activities) so that he could concentrate almost entirely on business matters; his dependence on a series of women, beginning with his mother and two sisters (especially Doris) that continued with his first wife Susie (and their daughter "Susie Jr.") and then companion Astrid Menks whom he married in 2006; and his passion for helping others to understand the business principles to which he has been committed since childhood.

There is one other theme of special interest and importance to me: over the years, how Buffett has interacted with various associates, notably with Jerome Newman and Benjamin Graham, Sandy Gottesman, Charlie Munger, Bill Ruane, Katherine Graham, and Bill Gates. By all accounts, Buffett is a superb business associate once he agrees to become involved. He cares deeply about each relationship, does whatever may be necessary to protect and defend the best interests of his associates, and is extraordinarily generous with material rewards as well as recognition. Here is an especially revealing excerpt from Cunningham's Introduction to The Essays of Warren Buffett: "The CEOs at Berkshire's operating companies enjoy a unique position in corporate America. They are given a simple set of commands: to run the business as if (1) they are its sole owner, (2) it is the only asset they hold, and (3) they can never sell or merge it for one hundred years." These three "commands" are wholly consistent with what Lawrence explains earlier in the same Introduction: "The central theme uniting Buffett's lucid essays is that the principles of fundamental business analysis, first formulated by his teachers Ben Graham and David Dodd, should guide investment practice. Linked to that theme are management principles that define the proper role of corporate managers as the stewards of investment capital and the proper role of shareholders as the suppliers and owners of capital. Radiating from these main themes are practical and sensible lessons on the entire range of important business issues, from accounting to mergers to valuation." Those who shared Buffett's same core values of honesty and integrity, and who are also committed to the same basic principles, cherish their relationship with him.

To me, Alice Schroeder's rigorous and eloquent analysis of this them